President Bola Ahmed Tinubu has urged Nigerians not to panic over the new tax regime scheduled to take effect in 2026, assuring that the policy is designed to ease the burden on the poor, low-income earners and small businesses.
The President gave the assurance on Tuesday, December 16, at the 8th Annual Senator Abiola Ajimobi Roundtable and the 76th posthumous birthday lecture of the late former Governor of Oyo State, held at the University of Ibadan.
The event, themed “Pathways to Electoral Credibility: Reforming Political Parties, Re-engineering Citizens, and Restoring Trust in Nigerian Democracy,” was organised by the Senator Abiola Ajimobi Foundation in collaboration with the Institute of Peace and Strategic Studies, University of Ibadan.
It was attended by friends, associates, family members and partners of the late governor, and chaired by a former Governor of Ogun State, Olusegun Osoba.
Ajimobi, who governed Oyo State between 2011 and 2019, died in June 2020, a year after leaving office.
Economic Reforms Yielding Results – Says The President
Tinubu’s message, delivered by the Executive Chairman of the Federal Inland Revenue Service, Zaccheus Adedeji, highlighted the necessity of recent economic reforms undertaken by the administration.
The President said the reforms, though initially painful, were already producing positive outcomes across key economic indicators.
“As recent evidence has shown, the drastic economic measures our administration undertook were necessary to revitalise the economy. Investors have since reaffirmed their confidence as the fruits of our reforms become manifest through robust macroeconomic indicators,” he said.
According to him, improvements are being recorded in several areas.
“Our GDP is growing, inflation is tumbling, and improvements are being recorded in the fiscal deficit. Companies that were previously posting losses have returned to profitability, with improved capacity utilisation and increased investment levels,” Tinubu added.
New Tax Laws To Bring Relief
The President said Nigerians would begin to feel the impact of the reforms more strongly in the coming year, particularly through the implementation of the new tax laws.
He explained that the laws would exempt critical sectors from burdensome taxes and eliminate multiple taxation on businesses.
“The impact of these improvements will be felt more by Nigerians, particularly in the new year, with huge reliefs coming from the new tax laws, which exempt food, medication, education, agriculture and shared transportation from burdensome taxes and free businesses from multiple taxation,” he said.
Tinubu further assured Nigerians that there was no cause for fear.
“I want to assure Nigerians that there should be no apprehension about the new tax laws, which implementation will begin next year. The laws come with good news for the poor, low-income earners and small businesses,” he added.
Tribute To Ajimobi
Commending the late former governor, Tinubu said Ajimobi exemplified leadership that prioritised long-term development, even when it involved making difficult decisions.
“We shared many ideals. He believed that a leader must take the people he governs to the height they ought to be, even if it involves making tough choices and decisions that may engender initial discomfort but would, in the long run, catapult the state to greater development,” the President said.
He also praised Ajimobi’s wife, Ambassador-designate Florence Ajimobi, for sustaining the family’s legacy.
In his concluding remarks, Tinubu urged leaders and members of the All Progressives Congress in Oyo State to unite ahead of the 2027 general elections.
“The best tribute and honour you can give to our departed statesman is to unite and strengthen the party to take over the reins of government in this state in 2027. This is achievable, and it must be achieved,” he said.
Gov Makinde, Gambari Speak On Democracy
In his remarks, Oyo State Governor, Seyi Makinde, represented by his deputy, Bayo Lawal, described the roundtable as a fitting platform to honour Ajimobi’s legacy while addressing pressing issues affecting Nigeria’s democracy.
Makinde said the late governor made lasting contributions to governance in the state, leaving behind lessons that transcended partisan politics.
He stressed that rebuilding trust in democracy required sincerity, accountability and inclusive governance, adding that electoral credibility could only be achieved when political parties practised internal democracy and delivered on their promises.
Delivering the lead paper, former Chief of Staff to ex-President Muhammadu Buhari, Prof Ibrahim Gambari, identified political party reform as the most critical factor for democratic renewal in Nigeria.
He listed voter apathy, democratic disillusionment, weak internal party democracy, institutional weaknesses, electoral violence, insecurity and trust deficits as persistent challenges undermining electoral credibility.
Earlier, the President of the Senator Abiola Ajimobi Foundation, Florence Ajimobi, commended Tinubu for what she described as his unwavering loyalty to the late statesman and their shared values of good governance and democratic commitment.
She said the President’s consistent participation in the annual event and continued support reflected a genuine commitment to the ideals Ajimobi stood for.
Dignitaries at the event included the Speaker of the House of Representatives, Tajudeen Abbas, who was the Special Guest of Honour, Imo State Governor, Hope Uzodimma, traditional rulers, community leaders and students.